Eagle-eyed Nikolai Fedak of New York YIMBY has done it again: spotted crucial permits filed with the Department of Buildings. This time, it's for 340 Flatbush Avenue Extension, between Fleet Street and DeKalb Avenue in Downtown Brooklyn, where the borough's new tallest tower will rise. According to the permits, JDS Development has tapped the go-to megaproject designers—SHoP Architects—to build a 70-story, 775-foot-tall tower skyscraper that will house 495 apartments. JDS and the Chetrit Group bought the assemblage earlier this month for $43 million; there will be 109,000 square feet of commercial space in the proposed 556,000-square-foot building.

About that height: it's significantly bigger than Brooklyn's current tallest tower 388 Bridge Street (590 feet), and what was set to be the tallest, the under-construction Avalon Willoughby West, at 596 feet. Prepare to be second fiddle, AWW. Everyone else: brace.

.....The plans remain tentative. Bidding on the Junior’s property kicks off this week and should conclude by month’s end, but a number of prominent developers are already salivating over the possibilities. If the right firm can buy up the land and air rights for the entire triangular block, it would be quite possible to reach a height as yet unheard-of in Brooklyn.

.....The team most likely to lead this charge — Michael Stern and Joseph Chetrit — knows a thing or two about tall towers. Mr. Stern, a 35-year-old developer, has already made his name with plans to turn the Steinway Hall site on West 57th Street in Manhattan into 1,350-foot tower. Mr. Chetrit, most famous around these parts for residential conversions of the Chelsea Hotel and the Sony Building, owns what is now America’s second tallest building, the Willis Tower in Chicago.

In December, they went to contract on 340 Flatbush Avenue Extension, a squat six-story office building next door to Junior’s. If they can win the bidding for Junior’s, and get Chase to sell them the air rights it owns above the Dime Savings, a landmark, there would be at least half a million square feet at their disposal, enough to carve a knife blade of a tower onto the skyline.

JDS Development and Chetrit Group snap up Downtown Brooklyn site for new tower
Site is on one of Brooklyn's busiest corners

June 3, 2014

Quote:

A new residential tower may be coming to one of Brooklyn's busiest corners.

A big Manhattan real estate player has snapped up an old office building across the block from Downtown's giant City Point development and has plans to raze it to make way for a new condo or rental building, sources told the Daily News.

The developer, JDS Development, bought the site at 340 Flatbush Ave. Ext., for $43.5 million, in partnership with former Chelsea Hotel owner the Chetrit Group.

The 174,000 square feet the developers can build as of right at the site could be configured in various ways, including as a stumpy 12-story building or as a slender tower with setbacks.

JDS CEO Michael Stern declined to comment on the transaction.

JDS and Chetrit will be building into what's becoming a fully-fledged rental development boom in Downtown Brooklyn, with giant rental towers like the 53-story 388 Bridge Street and the 57-story 188 Willoughby Street hitting the market.

__________________NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

Brooklyn getting in on the action! (Which is not totally surprising.) I think instead of the title being just "New York", it should be just "Brooklyn" or "Brooklyn, New York".

There was a discussion before about this but in short it's not going to happen. It's unnecessary.

Brooklyn does = New York. If we're separating the boroughs then most threads would have to be converted into Manhattan, New York (which is equally as silly). New York City is one city no matter where in the 5 boroughs.

So what you're saying is if JDS gets the Junior site they'll probably combine both sites to create one super tall? Seeing as though this site is already going up to 800FT?

I'm saying I'm not sure that isn't already the case.

Quote:

The developer, JDS Development, bought the site at 340 Flatbush Ave. Ext., for $43.5 million, in partnership with former Chelsea Hotel owner the Chetrit Group.

The 174,000 square feet the developers can build as of right at the site could be configured in various ways

Quote:

The team most likely to lead this charge — Michael Stern and Joseph Chetrit — knows a thing or two about tall towers.

...In December, they went to contract on 340 Flatbush Avenue Extension, a squat six-story office building next door to Junior’s. If they can win the bidding for Junior’s, and get Chase to sell them the air rights it owns above the Dime Savings, a landmark, there would be at least half a million square feet at their disposal, enough to carve a knife blade of a tower onto the skyline.

You can see from filings with the City that the tower is for roughly that half million square feet...

__________________NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

There was a discussion before about this but in short it's not going to happen. It's unnecessary.

Brooklyn does = New York. If we're separating the boroughs then most threads would have to be converted into Manhattan, New York (which is equally as silly). New York City is one city no matter where in the 5 boroughs.

I'd still like to have a separate diagram for Brooklyn for example. It's probably the largest place in the US without one.

JPMorgan Chase asking $100M-plus for ex-Brooklyn bank
Former site of Dime Savings holds hundreds of thousands of unused development rights

December 18, 2014

Quote:

JPMorgan Chase is putting the former Dime Savings Bank of New York in Downtown Brooklyn on the market for more than $100 million.

The landmarked bank hired a Massey Knakal Realty Services team led by Bob Knakal and James Nelson to market the neo-Roman building at 9 DeKalb Avenue, Crain’s reported. Chase is relocating its operations there to 490 Fulton Street, also in Downtown Brooklyn.

“This is an incredible asset that is one of the best buildings to hit the market in Brooklyn,” Knakal told Crain’s. “It holds a lot of exciting possibilities.”

The site boasts hundreds of thousands of unused development rights, which could be sold to the buyer of the Junior’s site at 386 Flatbush Avenue next door, as previously reported.

B'klyn landmark could become $100M-plus buy
JPMorgan Chase puts old Dime Savings Bank, next door to Junior's, on the market. Air rights account for bulk of its value.

BY DANIEL GEIGER
DECEMBER 18, 2014

Quote:

Even more valuable than the building itself are the 285,000 square feet of development rights that come with the landmark. Residential construction in downtown Brooklyn is booming, and as Crain’s previously reported, the Dime Savings Bank building sits next to several potential development sites that could be the locations of some of the tallest towers in the borough.

Among those who could get a big height boost to their project is developer Michael Stern, who is planning to erect a residential tower at 340 Flatbush Ave. Extension that is eligible to receive additional air rights from the bank. The bank building also abuts the famous Brooklyn eatery Junior's, whose owner has floated the idea in recent months of selling the property. A buyer of that site could also utilize the bank's air rights to build a soaring tower.

__________________NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.

I've been wondering if the Junior's site was included in the filing, but I've seen no evidence that the lots have been merged. I still wonder how they've been able to get the zoning up to 556,000 sf ft. The Junior's site has 103,000 sf to build. I don't know about the air rights for the landmark at 9 DeKalb, but reportedly is has "several hundred thousand sf" of air rights to sell. The footprint of the Junior's site would seem too small to utilize those development rights, so maybe the sites will be merged, the filing to let any potential bidders on the Junior's site know what the deal is.

__________________NEW YORK. World's capital.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.